ISLAMABAD (Kashmir English): Gold prices in Pakistan remained on a downtrend on Tuesday, following losses in the global market.
In the domestic market, the rate of gold per tola declined by Rs. 14,000 within the day, closing at Rs. 416,362.
10-gram gold price declined by Rs. 12,003 to Rs. 356,963, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).
On Monday, prices of gold had already gone down, and per tola price dipped by Rs. 3,300 to finish at Rs. 430,362.
Globally, prices of gold also went down, with the rate being $3,940 per ounce (along with a $20 premium), showing a loss of $140, according to APGJSA. Prices of silver in the domestic market also plummeted, with the price per tola dropping by Rs. 173 to Rs. 4,924.
But global gold prices regained some ground later on Tuesday, jumping above the $4,000-per-ounce level. The recovery was fueled by a weaker dollar and hopes of more Federal Reserve rate cuts, which trumped pressure from indicators of easing U.S.-China trade tensions.
As of 0141 GMT, spot gold rose 0.7% to $4,009.39 an ounce, having fallen over 3% on Monday to the October 10 low. U.S. December gold futures advanced 0.1% to $4,022.10 an ounce.
